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DENVER, April 24, 2019 (GLOBE NEWSWIRE) -- Elixinol, one of the most influential CBD brands in the world with nearly three decades of experience in the hemp industry, today announced that they have purchased a 25 percent stake in Altmeds LLC, maker of the pioneering and market leading Pet Releaf hemp-derived CBD pet line. Pet Releaf sales accounted for approximately 65 percent of the market’s pet CBD sales last year.
Pet Releaf hemp-derived CBD topical, edibles and oils for pets currently sell in over 4,000 independent pet stores throughout the USA and multiple international markets. By acquiring a stake in Pet Releaf, Elixinol will strengthen its relationship with a major private label partner and secure a profitable investment in the fast-growing hemp-derived CBD pet products market, while ensuring Pet Releaf has the financial resources to innovate, expand and scale.
“Pet Releaf and Elixinol share the same values in sourcing and end-product superiority,” said Stephen Smith, President and Co-Founder of Pet Releaf. “The partnership of two best-in-class companies means Pet Releaf will gain additional working capital to be able to expand our reputation for innovation, and increase our scientific and international expertise while still maintaining our ‘from seed to sale from plant to pet™’ approach.”
Elixinol is the exclusive supplier of final hemp extract sourced from the USDA Organic certified hemp strain grown specifically for Pet Releaf. The founders of Pet Releaf and Elixinol have shared scientific, farming and production ideas, expertise and strategy for many years. Since inception, Pet Releaf has been a foundational customer of Elixinol with both organizations starting in Colorado in 2014. Together, the two strong brands leverage seed to sale supply chain efficiencies with extensive scalability, in-house scientific expertise and proprietary processing technologies.
Pet Releaf will use the majority of the investment to fund working capital and scale the business for expected continued growth in the market, through new product lines, key strategic hires and increased capacity in a new state of the art 25,000 square-foot production facility.
The move gives Elixinol greater exposure to the lucrative and growing CBD pet products market. According to recent research by cannabis market research firm, Brightfield Group, this market is forecast to grow at a Compound Annual Growth Rate (CAGR) of 151% between 2018-2022 to a market size of US$1.16bn.
Upon completion of Elixinol gaining an equity interest, Elixinol’s President Gabriel Ettenson will join the Pet Releaf Board. Ettenson stated, “We’ve long enjoyed our relationship with Pet Releaf. This deal strengthens our supply arrangements and mutual and synergistic distribution networks. It ensures Pet Releaf products, which so many dog and cat lovers rely on, will have scalability and ongoing quality of supply.”
“Pets play an important role in the lives of many Elixinol customers,” added Chris Husong, VP of marketing and communications at Elixinol. “Pet Releaf products give pet owners peace of mind by using the same quality CBD hemp in their pet treats as Elixinol uses in our human products. We’re excited to strengthen the relationship with trusted pet products brand and partner, Pet Releaf.”
Colorado-based Elixinol, co-founded by Paul Benhaim, hemp entrepreneur since 1991, is widely regarded as one of the most influential CBD brands in the world. With a proven track record of growing and extracting high-quality hemp, Elixinol also conducts rigorous laboratory testing and quality control. Elixinol distributes CBD products in 40 countries globally including North and South America, throughout Europe, Asia, and the Pacific Region. Elixinol’s parent company, EXL (elixinolglobal.com) is publicly traded on the Australian Securities Exchange and the US-based OTCQX (ASX: EXL; OTCQX: ELLXF). More information available at Elixinol.com.
About Pet Releaf™:
Pet Releaf™ is an employee-owned business based in Denver, Colo. The company was co-founded by Alina and Steve Smith in 2015 to provide truly healthy products for pet companions – products that will always be made with honesty and integrity. Spurred by their own dog Mattie's arthritis and reaction to opioid medications, Alina and Steve embarked on creating their own truly healthy products, which led to the launch of Edibites™ Treats for Dogs and Organic CBD Hemp Oil bottles for dogs and cats. Pet Releaf's organic, all-natural products are made in small batches, tested by third-party laboratories and do not contain any ingredients sourced from China. For more information about Pet Releaf, please visit www.petreleaf.com or connect with us on Facebook, Twitter,Pinterest, and Instagram.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c71b9e6d-6195-438e-a47d-07af79d91ca0